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20110701
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. >> reporter: derek, the victory is a big one for the freshman class and it probably saves the speakership of john boehner who has working all week trying to keep up with a bill his party could support. >> reporter: look at the numbers. 22 republicans said no. >> 218 yays, 210 nays. the bill is passed. >> reporter: buying tea party votes with an addition to his bill that restricts a second step debt ceiling increase. >> two things have to happen. a joint committee of the congress must produce a spending cut larger than the increase in the debt limit and both houses of the congress must spend to the states a balanced budget amendment. >> reporter: washington area democrats lined up in opposition. donna edwards of prince george's county. >> the republican majority is ready to jeopardize our entire future for this garbage. >> reporter: fairfax. >> hell, no, you can't. >> reporter: maryland. >> this proposal takes us farther in the wrong direction. >> reporter: and from the president. >> it does not solve the problem and it has no chance of becoming law. >> reporter: the action now moves to th
the effort because this could all have a big impact on you. >> reporter: like a lot of families now a days our nation's leaders are fighting about how to pay the bills. think of the problem like a credit card that the nation has maxed out. the federal government can charge 14.3 trillion and then we are cut off and time is ticking down to an august 2nd deadline for congress to increase the amount of money it can borrow or default on its financial obligations. >> we need to come together over the next two weeks to reach a deal that reduces the deficit and upholds the faith and credit of the united states government and the credit of the american people. >> reporter: if a solution is not reached by august 2nd the consequences could be dire. the bipartisan policy center says the treasury would only have enough money to pay about half of its bills. some federal employees could get i.o.u.s instead of paychecks potentially including the military. but even more fallout would come from an historic default which would slash our credit rating with some to junk status. like missing a payment on a cred
Search Results 0 to 1 of about 2